Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and goodwill subject to land transfer tax is $800,000 and the value of chattels included in the transaction is $5,000.

Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.

1. What is the purpose of a closing memo or closing checklist for a registry office closing?
2. The buyers deposit is usually made payable to the real estate broker in trust. When the transaction closes, the broker can take the deposit from the trust account and apply it to the real estate commission.

3.What if the deposit is not enough to cover the commission?